CandleFocus Ethereum Supply Surge May Cap Price Growth Under $3,000 For Now
2024-10-22
Author: Content Editor
Over the past week, the circulating supply of Ethereum (ETH) has increased by 7,728 tokens, totaling over $20 million. This has raised concerns that the influx of new coins could put downward pressure on Ethereum's price if demand does not keep up with the supply. The decrease in user activity on the Ethereum network has also resulted in a drop in transaction count and network fees. If market activity slows further and demand weakens, Ethereum's price could decline towards the support level of $2,264. Conversely, an increase in network activity could boost demand and potentially lead to a price rebound towards $3,336.
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